Crypto political donations surge to $94 million pre election, exceed previous elections by 13%


  • Crypto political action committees and industry donors have poured $94 million into Federal Political Committees since 2023. 
  • Coinbase and Ripple Labs donated over $40 million to political campaigns, supporting the cause for positive crypto regulation. 
  • A Digital Currency Group poll shows that crypto has become a major issue among voters in the 2024 US elections. 

Crypto industry giants supported political campaigns in the US looking for pro-crypto governance in the US. A Bloomberg report from May 17 shows that crypto donors have spent $94 million in an effort to get pro-crypto regulation in the US. 

Most political organizations have pooled member contributions and donated to funds to campaigns for or against candidates, ballot initiatives or legislation. The Super Pac Fairshake has raised over $85 million to support pro-crypto candidates. 

Crypto donations to support a pro-crypto candidate

The organization pool members are contributing and donating funds to campaigns that are pro-crypto, in an effort to bring a pro-crypto regulation in the US. Bloomberg reported that crypto industry donors injected $94 million into federal political committees. 

Giants like crypto exchange Coinbase and Ripple Labs that are currently embroiled in a legal battle with the Securities and Exchange Commission (SEC) have contributed their fair share to donations. 

Coinbase CEO Brian Armstrong personally donated $1 million to the political action committees. Jeffrey Yass is the largest crypto industry contributor and has supported Republican candidates with his $70 million donation. 

Crypto has emerged as a key issue in US political campaigns as several key jurisdictions regulate digital assets. Crypto industry giants acknowledge that it is critical to establish strong regulatory support within the US for projects and the market to flourish. 

The 2024 presidential election is shaping the future of crypto and has emerged as a major issue for comments on both sides. Voters are receiving contrasting views from candidates, ranging from hostility to pro-crypto stances. 

US election effects on crypto

Solana based meme coins BODEN and TREMP have rallied previously in response to developments in the US political campaigns. While President Joe Biden's administration has not exactly warmed up to crypto, former US President Trump has made pro-crypto statements in his rallies. Videos of Trump saying that campaign donations may be accepted in crypto, if not then he would arrange that. Statements and videos from the rally catalyzed gains in TREMP and BODEN meme coins. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Solana Price Forecast: SOL gains ETF boost amid $3 billion unlock fears

Solana Price Forecast: SOL gains ETF boost amid $3 billion unlock fears

Solana (SOL) is down 1% on Tuesday following negative sentiment surrounding its upcoming $3 billion token unlock. Meanwhile, Franklin Templeton is likely entering the race for a Solana exchange-traded fund (ETF) following its filing for a Solana Trust in Delaware.

More Solana News
Ethereum Price Forecast: ETH risks a decline to $2,200 as long-term holders increase selling pressure

Ethereum Price Forecast: ETH risks a decline to $2,200 as long-term holders increase selling pressure

Ethereum (ETH) declined by 2% on Tuesday due to increased selling activity from long-term holders (LTHs) and a buy-the-dip strategy from whales.

More Ethereum News
UNI rallies as Uniswap Labs unveils Layer-2 Unichain on mainnet

UNI rallies as Uniswap Labs unveils Layer-2 Unichain on mainnet

Uniswap's native token, UNI, is up on Tuesday following the Mainnet rollout of its latest Unichain Layer 2 (L2) solution. Unichain promises to offer users faster and cheaper transactions than the Ethereum L1.

More Uniswap News
Mantra Price Analysis: OM social media mentions surge 500%, outperforming Bitcoin as traders bet on RWA assets

Mantra Price Analysis: OM social media mentions surge 500%, outperforming Bitcoin as traders bet on RWA assets

Mantra (OM) has demonstrated remarkable resilience, stabilizing around the $6 level after a 70% rally over the last 17 days.

More Manta News
Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin: BTC shows weakness, bears aiming for $90,000 mark

Bitcoin price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP